Business

Level Up Your Financial Smarts With Qnity

Qnity is a learning and development company that helps businesses and individuals prosper. Their mission is simple: to help people earn more money, do what they love, and have a great quality of life. For a business, that translates to improving profits, having a great culture and providing a competitive edge. While money might not be your prime motivator, the reality is - it's hard to live a full and prosperous life if you're stressing about money. Qnity provides a simple and visual approach to education. Visual thinking tools, such as 9Grid and the QLife Map provide a tangible experience designed for creative and visual learners that lead to behavior changes, which leads to results.

When it comes to finance, seeking counsel is always important. There are different challenges and questions at play when you have a team to manage but regardless of what type of business model you have, Qnity believes it's important for indivdiuals to educate themselves. Because at the end of the day, YOU are in control and accountable for your financial decisions and success.

Although several nail professionals aren't currently working due to COVID-19 closures, they can still take this time to educate themselves. Qnity recommends:

Level up your financial smarts - There's tons of amazing education out there, and a lot of it is free! It’s time to start to get more confident with the financial side of your business. Especially as a result of COVID-19, you will need to be prepared to make important financial decisions, and it’s critical that you are informed. Remember, numbers are a language. Unlike your craft, there’s not a whole lot of room for creativity here. If you've avoided a language for much of your career, of course they are going to be scary and confusing. You can also check out Qnity's YouTube channel and consider enrolling in our Plan for Profits course, which is currently available on a pay-what-you-can basis.

Focus on the most important numbers for growth – Qnity teaches 2 Number Growth™. It’s a simple and visual way to drive the two most important numbers that will grow your total sales, Client Count (how many clients you see) and Average Ticket (how much an average client spends with you.) Not being able to work makes it challenging to grow total sales, however, there are actions that you can take NOW to impact these in the future. For example, you can increase client count by asking your favorite clients to refer you. You can increase your average ticket by working on skills to offer add-ons when you get back to work. Use your asset, creativity, to think of ideas on how you can grow your total sales.

When nail professionals do go back to work, they should track their finances to stay organized. If you own a business or are self-employed, Qnity recommends using a daily cash flow tracking system. An amazing resource is Qnity's Plan for Profits curriculum, which you can enroll in here. If you work in an existing business, we recommend tracking based on 2 Number Growth™. There's a template taught in Qnity's core program, but you don’t need anything fancy. Just use a pen and paper. The most important thing is just to do it and make it a habit.

Led by Tom and Erin Kuhn, a father and daughter team, Qnity’s training and award winning visual-thinking tools have helped thousands of salons, spas and other small businesses, as well as many esteemed brands, such as Merrill/Bank of America, JP Morgan/Chase, Estee Lauder and ULTA Beauty.

The Small Business Administration (SBA) offers a number loan of programs designed to support businesses impacted by disasters. The two main loan programs currently offered in response to the COVID-19 pandemic are: Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).

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